Global Net Lease Stock Earnings Reports

Global Net Lease (GNL) reported Q1 2026 results with revenue of $109.3M and AFFO of $43.9M ($0.21/share). Management highlighted a strategic, leverage-neutral all-stock acquisition of Motive Industrial (~$535M of assets) expected to close in Q3 2026, which is projected to be immediately accretive (~4% AFFO per share) and add long-duration industrial net-lease assets (Motive WALT ~15 years, 2.4% annual escalators). The deal increases industrial exposure (pro forma ~50%), reduces office concentration (to ~24%), and extends portfolio WALT (from 5.9 to 6.7 years). GNL continues disciplined capital recycling: selling select office assets (including a GSA-leased building and other opportunistic dispositions) and redeploying proceeds into industrial/retail assets. Since launching its repurchase program, GNL bought back 19.7M shares for $158.2M (weighted avg $8.05). Balance sheet improvements include a $1.3B reduction in gross debt year-over-year to $2.6B, 99% fixed- or swap-fixed debt, a 4.1% weighted average interest rate, liquidity of ~$911M, and net debt/Adjusted EBITDA of 7.2x at quarter-end (management expects to be within its 2026 guidance range of 6.5x–6.9x). Management reaffirmed 2026 AFFO guidance of $0.80–$0.84 (excluding Motive benefits until close) and emphasized continued focus on lowering office exposure, redeploying capital accretively, maintaining balance sheet strength, and leveraging data/AI to drive leasing and transaction outcomes.